Monday, 24 May 2010
The first cut should be the deepest
Today the new chancellor George Osborne is announcing a downpayment of £6 billion in cuts to Government spending. Really this does not even qualify as a rounding error (indeed the most recent published PSBR was more off target than £6 billion).
There is a budget next month to go for the real deal, but when £60 billion needs to be taken out of public sector and away from future taxpayers debt burden, speed is of the essence. I can only hope that the government realises that death by a thousand cuts is a form of torture and not a successful political strategy.